The state-controlled company's bottom line rose by eight
percent in the last three months of the year to 813 million
zlotys ($267 million). Analysts polled by Reuters expected 767
million.

But lower copper prices throughout the year took their toll
on the full-year net profit, as KGHM missed its 2013 target of
3.2 billion zlotys with a reading of 3.06 billion.

Analysts expect global copper price weakness to translate
into a further fall for the company's bottom line in 2014,
pegging their full-year net profit forecasts at a decade low of
2.26 billion zlotys.

KGHM, also the world's largest silver producer, forecasts
for unconsolidated net profit - profit generated only by the
parent company - because this is the basis for dividend payouts
and its subsidiaries do not add much to the figure.

This may change this year, after KGHM's Chilean Sierra Gorda
mine begins production. Sierra Gorda, one of the world's largest
copper projects, is due to begin production by mid-2014.

The miner is to discuss its 2014 budget at the end of March.
($1 = 3.0475 Polish zlotys)
(Reporting by Adrian Krajewski; Editing by Janet Lawrence)